However, the labor force participation rate ticked down slightly
to 63.5 percent from 63.6 percent.

It's not a big drop in the participation rate, but it is notable
because it was accompanied by a substantial decline in the
overall size of the labor force.

People reported not in the labor force rose to 89.304 million in
February from 89.008 million in January.

Bloomberg
News economics editor Michael McKee put it this way following the
release:

The labor force participation rate dropped during the
month, even though the labor force size dropped. So, you wonder,
are people going to start coming back into the labor force
because they think things are getting better, or is the
unemployment rate being artificially depressed? Those are
questions that we are going to have to sort out as the months go
on.

So, that is one data point tempering the good headline news from
today's jobs report.